financial-technology

Vocabulary Word

Definition

Financial Technology, known as 'FinTech,' is all about modern technology applied to finance. Think mobile banking, cryptocurrencies, and digital payments.

Examples in Different Contexts

In robo-advising, 'financial technology' uses algorithms to provide personalized investment advice to users. A financial analyst might say, 'Robo-advising democratizes financial planning, making it affordable and accessible to a wider audience through cutting-edge technology.'

Practice Scenarios

Tech

Scenario:

We are considering integrating more financial tools into the app to help users manage their budgets better.

Response:

Integrating FinTech tools will certainly enhance user experience and benefit our target user base.

Business

Scenario:

It seems our financial processes are dated and need an overhaul to compete. What advancements would you recommend?

Response:

To modernize our system, we could incorporate FinTech services to automate billing and invoicing.